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There are 2 steps to this assignment.
You must post your initial post for Step 1 in order to be able to access the information to do Step 2.
After you have posted for Step 1, the information for Step 2 will become available on a separate module titled “Week 6: STEP 2 for Discussion.” Read the following instructions in order to read more information about this below.
Step 1: Your Initial Post Your initial post will be your answers to questions below, but you will need to read the following information first:
The questions for Step 1 are going to ask you review the 3 benefits of wealth and then to estimate how wealth is distributed amongst the US population and to tell us your ideal distribution of wealth.
To tell us your estimate and ideal, you will need to think of how all the wealth that currently exists in the U.S. (i.e., 100% of the wealth) is divided up amongst the U.S. population (i.e., 100% of the population). You can think of the U.S. population in terms of quintiles (or, 20% segments). The total population (i.e., 100% of the population) is divided into five quintiles (i.e., five 20% segments). Each quintile (20% segment) has a certain percentage of the total wealth (of 100% of the wealth).
For example, if the population was only 100 people, each quintile (20%) of that population would have 20 people, and each quintile would have a certain amount of the total wealth that exists in that population. Here is a visual to help you better understand:
Keep in mind that there is only 100% wealth to be distributed amongst the five quintiles.
Also keep in mind that it is impossible for each quintile (each 20%) of the population to have more than 20% of the wealth.
A society where each quintile (20%) of the population had 20% of the wealth would be a completely egalitarian society (in other words, everyone has the same amount). In such a case, there would not be a “richest” 20% or “poorest” 20% because everyone would be equal.
We could represent this scenario with the following scenario:
Now that you know have read and watched the assigned content for this week, you have begun to learn what wealth and income are. You have also begun to think about about wealth distribution. Questions for your Initial Post
Click “Reply” and answer the following questions for your initial post. If you need help on how to post onto a discussion board, click here.
Once you have made your initial post for this Step 1, follow the instructions below for Step 2.
List the 3 benefits of wealth and briefly explain each benefit in your own words, referencing details from the assigned course material. If you need to refresh your memory on these, click here. What is your estimate as to the current distribution of wealth in the U.S. To answer this, tell us what percentage of the total wealth you think is currently held by the richest 20%, the poorest 20% and each quintile (20% of the population) in between. Keep in mind that your estimates should add up to 100. Use the following template:Estimate:the wealthiest 20% of the U.S. population owns ____% of the all the wealth
the second wealthiest 20% of the U.S. population owns ____% of the all the wealth
the third wealthiest 20% of the U.S. population owns ____% of the all the wealth
the fourth 20% of the U.S. population owns ____% of the all the wealth
the poorest 20% of the U.S. population owns ____% of all the wealth
You will now tell us what is your ideal distribution of wealth by considering the following: Imagine some supreme being appeared to you and said that the distribution of wealth is going to quickly change and you can have total control over how wealth is distributed amongst the population of the U.S. The catch, though, is that you have no control over where in the distribution you would fall; you have the same chance of ending up in one quintile, such as the wealthiest 20%, as in any other quintile, such as the poorest 20%. You will also have no control over your gender, your race/ethnicity, ability status, etcetera. All you have control over is how the wealth is distributed. How would you distribute the wealth in such a scenario? Remember that your ideal % for each quintile of the population should add up to 100. Use the following template to answer:Ideal:the wealthiest 20% of the U.S. population would own ____% of all the wealth
the second wealthiest 20% of the U.S. population would own ____% of all the wealth the third 20% of the U.S. population would own ____% of all the wealth
the fourth 20% of the U.S. population would own ____% of all the wealth
the poorest 20% of the U.S. population would own ____% of all the wealth
Once you have posted your answers to the above questions, please move on to Step 2.
Step 2: Your Reply
After you have posted your answers to the 3 questions in Step 1, you will have access to the information necessary for you to do Step 2.
To access the information for you to do Step 2 click here, which will take you to the Income Inequality & Wealth Inequality content page (FYI this page now appears in a new module titled “Week 6: STEP 2 for Discussion”). Please read and watch the content on that page and then return here to complete this Step 2.
Questions for Step 2You have now read and watched information about income and wealth inequality. Now read your classmates’ responses to the questions in Step 1.
Then find your own answer to Step 1 and reply to yourself. (For instructions on how to reply to a classmate on a discussion board, click here Links to an external site.and scroll down to “Thread a Discussion Reply” )
How do your answers compare to your classmates’ answers to questions 2 Step 1? In other words, did many or only a few of your classmates have similar estimates of the current distribution of wealth in the U.S.? Why do you think this is the case? Anything else you notice?
How do your answers compare to your classmates’ answers to questions 3 Step 1? In other words, did many or only a few of your classmates have similar ideals of how wealth should be distributed? Why do you think this is the case? Anything else you notice?
Now, compare your answers to the video you watched in Income Inequality and Wealth Inequality content page. Specifically:How do your estimate and ideal compare to respondents’ estimates and ideals as described in the video?
How does your estimate compare to the actual distribution of wealth today?
The original data described in the video on the Income Inequality and Wealth Inequality content page is about 10 years old. Do you think people in the U.S. have become more or less tolerant of wealth inequality since then? Why?
Do you think people in college are more or less tolerant than the average American of wealth inequality? Why do you think that might be?